Team owner Mukesh Kochhar hails 'outstanding’ ladies as he pays tribute to his tried and tested squad of players
sports5 hours ago
The Arab world's wealthy families look to double investment portfolios in international markets after a record low in oil prices.
It's an opportunity for private banks in the Middle East to manage their fortune abroad. Despite falling crude price, the number of millionaires in Saudi Arabia is expected to increase 70 per cent by 2020, according to Credit Suisse Group.
Citigroup sees assets managed by its private banking business in the region will grow by more than 20 per cent in 2016 as the region's wealthiest families use institutions to shift more of their investments overseas amid the slump in oil prices.
"We've seen a serious shift over the last six months," Anthony Habis, head of Citigroup's private banking in the UAE and Saudi Arabia, told reporters during a media briefing on Monday.
"Bulge-bracket families are reconsidering their strategy. The client that traditionally allocated five to 10 per cent to international markets is now looking at between 20 and 30 per cent."
Oil's over 70 per cent decline since the middle of 2014 have forced Arab wealthy families to reconsider how they manage their fortunes. Due to increasing demand in the region, Citigroup is looking to hire more private bankers for its UAE operations and likely to continue relocate staff from London to Dubai.
"We are seeing more growth in wealth preservation and diversification of risk among clients at the moment," said Mark Mills, managing director and investment counselling head for Middle East and North Africa.
"A key area of growth for us is when clients come to us saying they want to diversify their wealth internationally and ensure that the capital is preserved," Mills added.
Citi report
Citigroup in its latest report said Iran's return to world oil export markets in 2016 could be key to determining whether the oil price finds a lasting bottom, but its success or failure is hard to forecast. Oil volatility is currently priced richly, so may generate an income opportunity for volatility sellers.
Looking ahead, Saudi Arabia maintaining crude output and Iran's potential return to export markets could lead the highest-cost producers to fail if the long-term oil price only recovers to $60-$70 a barrel.
- abdulbasit@khaleejtimes.com
Team owner Mukesh Kochhar hails 'outstanding’ ladies as he pays tribute to his tried and tested squad of players
sports5 hours ago
Authorities said the decision has been taken keeping the safety of the public in mind
uae6 hours ago
Inflation objective remains distant, US Federal Reserve says
business6 hours ago
Divided into at least three separate areas, the park will be a first-of-its-kind protected area in the emirate
uae6 hours ago
Lidia Stepanivna: She walked without food or water, and fell several times but her 'character' kept her going
europe6 hours ago
Dubai Police said that the emirate is expected to witness weather fluctuations during the coming hours
uae7 hours ago
UN estimates the amount of debris in the Gaza Strip at 37 million tonnes in mid-April, or 300 kilogrammes per square metre
mena7 hours ago
Ports, Customs, and Free Zone Corporation also advised to refrain from sailing unless absolutely necessary
uae7 hours ago